living in NY where we own assets, then got an awesome job in TX … what to do? : personalfinance

My family (wife + kids) live in NY, own a few assets (rental properties + land), wife is a teacher. I just got a really great (huge pay increase!) job in TX, and after painful deliberation with family, I decided to accept it. Only condition: I need to live in TX! But we’re not ready to move anywhere at this point, let alone TX, so the plan is I will move down there, and come home on a regular basis (we worked out a schedule).

We have a goal (ambition) to achieve financial independence as soon as we can realistically get there, and we’ve estimated that we can do it in 3 years!!

Here’s a summary of what we’re looking at:

  1. We love NY (at least where we live) and don’t want/plan to move
  2. We own investment properties, all here in NY
  3. We has salary from her teaching job
  4. While NY has state income tax, TX does not, which will result in a non-negligible chunk of change each year!
  5. My new job offers generous benefits, including a matching 75% 401(k) up to 6% of my contribution, in addition to an automatic 10% company contribution, regardless of employee contribution. Plus HSA, plus a boat load of other stuff!

Given this, I plan to minimize my living expenses, as well as my travel expenses as much as possible (hence maximizing saving rate).

So my questions:

  1. what’s the best way to achieve above objectives (i.e, minimize living + travel expenses)? I heard about things like ‘house hacking’ and ‘travel hacking’, etc. Any suggestions/advice on how to a) learn more about these, and b) how to actually do them?
  2. how to handle the tax situation? Any way I could file in TX and thus not have to pay NY anything, or is that not possible?
  3. what would you do if you were in our shoes, with the goals we have for achieving FI? 🙂

Thanks a TON!

Source link